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Long-Term Debt and Shareholders' Equity
 9 Months Ended
Sep. 30, 2021
Debt And Equity [Abstract]  
LONG-TERM DEBT AND SHAREHOLDERS' EQUITY LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY
Long-Term Debt
The long-term debt carrying values in the following schedule represent the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and basis adjustments for interest rate swaps designated as fair value hedges.
LONG-TERM DEBT
(In millions)September 30,
2021		December 31, 2020Amount changePercent change
Subordinated notes$593 $619 $(26)(4)%
Senior notes423 713 (290)(41)
Finance lease obligations4 4 — — 
Total$1,020 $1,336 $(316)(24)%
The decrease in long-term debt was primarily due to the maturity of $281 million of 3-year, 3.50% senior notes during the third quarter of 2021.
Common Stock
Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At September 30, 2021, there were 156.5 million shares of $0.001 par value common stock outstanding. The balance of common stock and additional paid-in capital was $2.2 billion at September 30, 2021, which decreased $441 million, or 16%, from December 31, 2020, primarily due to common stock repurchases. During the first nine months of 2021, we repurchased 8.5 million common shares outstanding for $475 million at an average price of $55.88 per share.
Preferred Stock
During the second quarter of 2021, we redeemed the outstanding shares of our 5.75% Series H Non-Cumulative Perpetual Preferred Stock at par value, resulting in a $126 million decrease of preferred stock. There were no additional fees or premium paid associated with the redemption.
Accumulated Other Comprehensive Income
Accumulated other comprehensive income decreased to $64 million at September 30, 2021, from $325 million at December 31, 2020, primarily as a result of decreases in the fair value of AFS securities due to changes in interest rates. Changes in AOCI by component are as follows:
(In millions)Net unrealized gains (losses) on investment securitiesNet unrealized gains (losses) on derivatives and otherPension and post-retirementTotal
Nine Months Ended September 30, 2021
Balance at December 31, 2020$258 $69 $(2)$325 
OCI (loss) before reclassifications, net of tax
(225)(1)— (226)
Amounts reclassified from AOCI, net of tax— (35)— (35)
Other comprehensive income (loss)(225)(36)— (261)
Balance at September 30, 2021$33 $33 $(2)$64 
Income tax benefit included in other comprehensive income (loss)
$(73)$(12)$— $(85)
Nine Months Ended September 30, 2020
Balance at December 31, 2019$29 $28 $(14)$43 
OCI before reclassifications, net of tax
228 72 13 313 
Amounts reclassified from AOCI, net of tax— (24)— (24)
Other comprehensive income228 48 13 289 
Balance at September 30, 2020$257 $76 $(1)$332 
Income tax expense included in OCI
$75 $16 $4 $95 
Amounts reclassified
from AOCI 1
Amounts reclassified
from AOCI 1
Statement of income (SI)
(In millions)Three Months Ended
September 30,		Nine Months Ended
September 30,
Details about AOCI components2021202020212020Affected line item
Net unrealized gains on derivative instruments
$16 $16 $46 $32 SIInterest and fees on loans
Income tax expense 4 4 11 8 
Amounts reclassified from AOCI
$12 $12 $35 $24 
1 Positive reclassification amounts indicate increases to earnings in the income statement.